Your challenge is how to perform efficient onboarding of online clients while you meet the Know Your Customer (KYC) requirements, minimizing friction and at a reasonable cost.

Online identity verification entails a combination of technologies that range from document validation, identity data verification, and risk analysis. Then you need a business flow that allows you to correctly customize the user experience so low-risk clients move quickly, while high risk clients are either stopped or identified. And then you have to enable your compliance and risk teams to review the results so you meet all the Consumer Due Diligence (CDD) and Enhanced Due Diligence (EDD) requirements, where applicable.

In chapter 2 of our KYC Compliance Fundamental Series: "Framework for Identity Verification, EDD and CDD" we provide a framework that will help you think through your customer onboarding process with a focus on the functionality and the identity checks that can help you achieve it, and the KYC Process to follow for Enhanced Due Diligence (EDD).

There are 4 fundamental questions to answer when designing and implementing your customer onboarding process flow:

  1. Is the identity real? Prevents synthetic identity fraud, and bots from creating fake accounts.
  2. Is the applicant the owner of the digital identity? Prevents identity theft, account takeover (ATO)  and vulnerable victim fraud.
  3. Can you do business with that identity? Comply with regulatory frameworks: Sanctions/PEPs, Age, Location, etc.
  4. What is the risk associated to the digital identity? Decide whether a customer represents too much risk to your business.

This guide will show you how to answer these questions using online identity verification services, with tools that will allow you to quantify the risk score of each Digital Identity and a matrix of identity checks to keep in mind during the customer onboarding process.

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Following the fundamental concepts in this framework, and supported by our identity verification platform, you can then build a proper process for your KYC process, including activities you need to perform during EDD throughout the lifetime of your client.


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The IdentityMind platform offers everything you need to perform identity validation, KYC and EDD, to comply with your regulatory process.


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About IdentityMind

IdentityMind supports your AML and fraud prevention needs across a range of solutions covering Know Your Customer (KYC), sanctions screening, anti-money laundering (AML) transaction monitoring, and chargeback detection. We help you ensure regulatory compliance and protect against fraud losses with our digital identities, providing the most complete picture of a customer’s risk.

Instead of analyzing entities and attributes of a transaction in isolation, IdentityMind builds and verifies identities and draws correlations with other entities and attributes such as shared physical and email addresses. Learn More.

Analyst Recognition

GARTNER
Sample Vendor in Identity Proofing and Corroboration

“Hype Cycle for Identity and Access Management Technologies, 2018”

GARTNER
Sample RegTech Vendor

“Hype Cycle for Digital Banking Transformation, 2018”

AITE GROUP
Leading AML Advanced Analytics Vendor

“The AML of Tomorrow: Here Today” 2018

INTERNATIONAL DATA CORPORATION
Innovator

“IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018"

GARTNER
Representative Vendor

“Market Guide for Identity Proofing and Corroboration" 2018